Ripple buys out Pantera Capital’s stake in the Bitstamp exchange
In the near future, the company plans to spend up to $1 billion on new purchases and acquisitions
24.05.2023 - 15:00
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What’s new? Ripple, the fintech company that developed the payment protocol of the same name, bought a minority stake in Luxembourg-based Bitstamp exchange from US cryptocurrency hedge fund Pantera Capital. The deal is part of an initiative announced by Ripple CEO Brad Garlinghouse at the Dubai Fintech Summit. In his speech, he announced a plan to spend up to $1 billion from the company’s financial reserves and made it clear that Ripple is ready for further growth.
The Ripple protocol for currency exchange and transactions is used by government financial institutions in Australia, Canada, and Israel. The native token XRP provides liquidity by acting as a bridge for international transfers. As of May 24, 14:30 UTC, the asset ranks 6th in the cryptocurrency ranking with a capitalization of $23,4 billion and is trading at $0,4498 on Binance, having lost 2,5% in 24 hours.
Company’s future plans. Garlinghouse said that Ripple has more than $1 billion in cash on its balance sheet, and it wants to use those funds for both organic internal growth and inorganic growth through acquisitions. He pointed to Switzerland and the UAE as the countries that seem most attractive to Ripple in terms of finding companies to buy:
“We’ll make acquisitions in markets that are friendly to these technologies […] You had representation from the UAE, you had representation from Switzerland, these are countries that are providing the clarity for entrepreneurs to invest.”
Ripple CEO urges not to open crypto startups in the United States
Brad Garlinghouse believes that many companies based in the country would agree
Earlier, Ripple launched a platform for issuing national cryptocurrencies. Through it, central banks, governments, and financial institutions can manage the entire lifecycle of the asset, from issuance to distribution, redemption, and burning.
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